When it comes to appraising a property’s value, the building and its attributes plus land value are the main factors.
Below is a guide on contemporary attitudes towards property values of residential homes:
The number of bedrooms is a highly important factor when estimating a property’s value. Over the last 50 years the number of bedrooms in a typical home has grown from two to four, but the average household size has decreased.
Regardless of this shrinking household size, the desire for larger homes remains strong and the market tends to put higher value on four bedroom houses and three bedroom apartments. Extra bedrooms offer flexible lifestyle options such as a home office, hobby room or guest bedroom.
The number of bathrooms and toilets is second only to the number of bedrooms when it comes to buyer interest. The market looks for a second bathroom and/or en suite bathroom.
This is an underrated influence on value. Homes with plenty of storage spaces are more highly valued.
Multiple living areas/ theatre room
Buyers place a higher value on homes with multiple living areas or a home theatre room. A room with flat screen TV, surround sound and comfy chairs are always in demand.
Secure car accommodation is still highly important to buyers. Most households have two cars, so double car garages or larger are sought after.
A well-designed, functional and spacious kitchen with quality draws and cupboards, bench tops and appliances is a priority for today’s home buyers.
Outdoor entertaining area
Whether it’s a simple social space with a modest outdoor setting, or a lavish BBQ and entertaining area, a functional and sheltered outside space that expands the living area of the home is high on buyers’ want list!
All of these factors come together to establish an estimated selling value of the home.
At Dougmal Harcourts – The Property People, when we appraise a property’s value, we take in to consideration all of these attributes, plus current and relevant nearby sales to establish an estimated selling price for your home. Speak to one of our Sales Consultants and ask for a ‘Market Appraisal’to receive all of this up-to-date information personalised to your property.